1. Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, October 2001 to January 2002, July 2001 to January 2002, and January 2001 to January 2002, respectively.

Footnotes to Table 1: 1. Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand deposits at all commercial banks other than those due to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts and demand deposits at thrift institutions. Seasonally adjusted M1 is calculated by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. 2. Consists of M1 plus savings deposits (including money market deposit accounts), small-denomination time deposits (time deposits-including retail RPs-in amounts of less than $100,000), and balances in retail money market mutual funds. Excludes individual retirement account(IRA) and Keogh balances at depository institutions and money market funds. Seasonally adjusted M2 is computed by summing savings deposits, small denomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted M1. 3. Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more), balances in institutional money funds, RP liabilities (overnight and term) issued by all depository institutions, and Eurodollars (overnight and term) held by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Excludes amounts held by depository institutions, the U.S. government, money funds, and foreign banks and official institutions. Seasonally adjusted M3 is calculated by summing large time deposits, institutional money fund balances, RP liabilities, and Eurodollars, each adjusted separately, and adding this result to seasonally adjusted M2. 4. Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors--the federal sector (U.S. government, not including government-sponsored enterprises or federally related mortgage pools) and the nonfederal sectors (state and local governments, households and nonprofit organizations, nonfinancial corporate and nonfarm noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and corporate bonds, consumer credit, bank loans, commercial paper, and other loans. The data, which are derived from the Federal Reserve Board's flow of funds accounts, are break-adjusted (that is, discontinuities in the data have been smoothed into the series) and month-averaged(that is, the data have been derived by averaging adjacent month-end levels). The presentation of the debt data in this release differ, therefore, from the quarterly flow of funds statistics contained in the Federal Reserve release Z.1. In that release, published levels of credit market debt are measured on a quarter-end basis and contain discontinuities.

Note: Current and historical H.6 data are available each week on the Federal Reserve Board's web site (http://www.federalreserve.gov). Monthly data are available back to January 1959, and weekly data are available back to January 1975 for most series. For information about individual copies or subscriptions, contact Publication Services at the Federal Reserve Board (phone 202-452-3245, fax 202-728-5886). For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or 202-482-1986.

H.6 (508) Table 3 MONEY STOCK MEASURES Billions of Dollars

M1

M2

M3

Period Ending

13-week average

4-week average

week average

13-week average

4-week average

week average

13-week average

4-week average

week average

Seasonally adjusted

2001-Dec. 10

1178.5

1169.0

1171.1

5407.5

5433.6

5447.0

7918.4

7988.9

8006.1

17

1170.0

1172.2

1177.0

5406.0

5444.9

5464.2

7929.2

8006.9

8039.3

24

1167.7

1175.9

1181.5

5409.8

5453.1

5460.7

7940.0

8022.0

8032.9

31

1167.8

1178.8

1185.4

5416.5

5460.6

5470.5

7954.9

8031.5

8047.5

2002-Jan. 7

1169.5

1181.4

1181.5

5423.7

5464.0

5460.4

7966.1

8032.2

8009.0

14

1170.9

1181.2

1176.5

5431.0

5463.4

5461.8

7976.9

8023.1

8002.9

21

1172.2

1180.4

1178.1

5437.9

5462.7

5458.2

7988.9

8020.4

8022.2

28

1173.7

1180.2

1184.6

5445.9

5466.5

5485.7

8003.1

8026.2

8070.8

Feb. 4

1175.4

1180.2

1181.5

5452.3

5471.0

5478.4

8014.6

8040.0

8064.2

11

1176.8

1180.0

1175.6

5458.7

5477.8

5489.0

8023.5

8054.6

8061.0

18

1178.9

1183.4

1191.8

5465.5

5490.2

5507.5

8032.2

8069.1

8080.3

25p

1180.3

1183.5

1185.1

5471.8

5496.2

5509.8

8040.3

8070.9

8078.0

Mar. 4p

1180.9

1183.6

1181.8

5476.7

5502.6

5504.2

8045.0

8072.5

8070.7

Not seasonally adjusted

2001-Dec. 10

1174.7

1176.4

1164.5

5388.9

5431.3

5473.1

7877.2

7991.0

8052.3

17

1168.1

1182.6

1187.0

5389.9

5453.8

5498.4

7895.7

8029.2

8103.0

24

1169.6

1190.4

1212.8

5399.3

5471.6

5474.6

7917.0

8057.0

8064.3

31

1174.5

1202.8

1246.8

5411.6

5484.9

5493.3

7941.1

8070.5

8062.3

2002-Jan. 7

1178.8

1211.6

1199.6

5423.8

5496.3

5518.7

7959.4

8068.4

8044.1

14

1181.3

1208.5

1174.7

5434.4

5496.3

5498.5

7978.9

8063.1

8081.8

21

1183.0

1199.8

1178.1

5444.7

5494.3

5466.6

7999.8

8063.7

8066.5

28

1183.7

1182.9

1179.0

5452.9

5477.0

5424.3

8019.0

8059.6

8045.8

Feb. 4

1185.1

1177.9

1179.9

5459.4

5465.9

5474.3

8034.4

8068.3

8079.1

11

1185.7

1172.0

1151.1

5466.2

5462.9

5486.5

8047.1

8073.2

8101.4

18

1186.5

1170.7

1172.6

5472.8

5469.9

5494.3

8059.5

8084.5

8111.6

25p

1186.2

1170.2

1177.2

5478.8

5484.1

5481.2

8070.5

8097.1

8096.2

Mar. 4p

1185.3

1171.6

1185.6

5485.8

5498.3

5531.0

8080.0

8110.1

8131.2

Note: Special caution should be taken in interpreting week-to-week changes in money supply data, which are highly volatile and subject to revision. p -- indicates preliminary data.

1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions. 2. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. 3. Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float. 4. Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. 5. Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.

1. Savings deposits include money market deposit accounts. 2. Small denomination time deposits--including retail RPs--are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrifts are subtracted from small time deposits.

1. Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. 2. Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign banks and official institutions. 3. Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds. 4. Overnight and term Eurodollars issued to U.S. addressees by foreign branches of U.S. banks worldwide and by all banking offices in the United Kingdom and Canada, excluding those held by depository institutions and by money funds. 5. Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities.

1. Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions. 2. Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. 3. Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float. 4. Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations. 5. Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.

1. Savings deposits include money market deposit accounts. 2. Small denomination time deposits--including retail RPs--are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrifts are subtracted from small time deposits.

1. Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. 2. Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign banks and official institutions. 3. Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds. 4. Overnight and term Eurodollars issued to U.S. addressees by foreign branches of U.S. banks worldwide and by all banking offices in the United Kingdom and Canada, excluding those held by depository institutions and by money funds. 5. Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities.